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Home / Doubts and Solutions/CBSE/Class 12 Commerce/Accountancy

x and y partners in a firm sharing profits or losses in the ratio of 2:3 with capital of rs 400000 and rs 800000 respectively on 1st april 2019 each partner is entitled to 10 percent pa interest on capital

Asked by sujatasaha744 30th March 2021, 10:59 AM
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1. Prepare Trading and Profit & Loss A/c for the year ended 31st December 2012 and a balance Sheet as on that date from the following Trial Balance of Mr. Arun. Particulars Rs. Particulars Rs. Drawings Goodwill Buildings Machinery Bills receivable Opening stock Purchases Wages Carriage outwards Carriage inwards Salaries Rent Discount Repairs Bank Cash Debtors Bad debts Sales returns Furniture Advertisements General expenses 45,000 90,000 60,000 40,000 6,000 40,000 51,000 26,000 500 1,000 35,000 3,000 1,100 2,300 25,000 1,600 45,000 1,200 2,000 6,000 3,500 450 Capital Bills payable Creditors Purchase returns Sales 1,60,000 35,000 70,000 2,650 2,18,000 4,85,650 4,85,650 Adjustments: (i) Closing stock was Rs.35000. (ii) Depreciate Machinery and Furniture by 10%. (iii) Outstanding wages Rs,1500. (iv) Prepaid advertisement Rs.500. (v) Create 5% on debtors for bad debts as provision
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